Volatile Circumstances in Finance and Banking Industries in Dubai May Bring Opportunities for Job Seekers

Dubai Islamic Bank recently released its second quarter reports, and the financial results were much better than some industry experts expected. While the global economy overall is barely clawing its way out of the dust of the economic crush, it seems that things are on the upswing and staying that way in Dubai. Dubai Islamic Bank reported a fifty percent increase in profits over last year’s first quarter, which is a very strong sign that the worst is past for the baking industry.

On the flip side of this coin is consumer credit and lending. News reports have been focused on the insurmountable amount of debt that both banks commercial borrowers and consumers have acquired during the economy’s troublesome last year. Because people were so accustomed to a life of luxury, many turned to borrowing more money to pay for previous high end purchases or used credit cards to support their lifestyle while the money was trickling in.  These debts will have to be paid back, and the banking and finance sectors will be working overtime to ensure obligations are met.

It appears to be fairly obvious that the banking and finance sector will be reaping the rewards of both of these situations, as an increase in profit means room for growth, and interest on outstanding commercial and consumer debt will continue to grow. If you have been thinking about a pursuing a career in Dubai’s banking industry, now would be the time to secure a position, as there will likely be many career opportunities on the horizon.

Accountants May Find Opportunities with Dubai SMEs and Startups

NAccountants across Dubai are finding that servicing the small to medium sized companies as well as hopeful entrepreneurs is a lucrative business model. While the majority of accountant in Dubai work for major corporations and handle just interal accounting, tighter rules on obtaining seed funding for starting or growing a small business is creating opportunities for accountants that may be overlooked when an accountant is seeking employment opportunities in Dubai.

Few banks are lending to startups or small businesses due to the economic situation in both Dubai and throughout the rest of the world. Taking the place of traditional commercial credit cards and microloans is Angel Funding. Angel Funding involves a lot of networking, and very good financial records.

When a startup or small business hopes to obtain funding from one of Dubai’s influential private investors, it must have a solid track record of financial stability. The only way to prove such stability is through detailed and thorough accounting. More startups, small and medium enterprises are looking to the local accounting firms to help them prove their worth to these Angel Investors.

There is little doubt that the banks will follow suit and begin lending to these smaller companies, but the rules for obtaining business credit will be stringent to avoid past mistakes. Accountants thinking of a career move to Dubai may want to consider thinking outside the box and looking for opportunities with firms that service the little guys, or consider striking it out on their own to take advantage of this new type of demand.

Competition Between Top Telecommunication Companies Bode Well for Professionals

Scanning the local news in the UAE brings up story after story about smart phones, IT security risks, and the bans on Blackberry services. It is quite obvious to even those that do not follow Dubai’s telecom news the importance of wireless and mobile broad band has in Dubai and throughout the UAE.

The largest difficulty of small and medium sized telecommunications providers is the seemingly impossibility to compete against giants such as Microsoft and Google for a piece of the mobile pie. It will take serious creative leverage to keep up in this growing market, but the desire to do just that is surviving despite the odds.

Professionals in telecommunications will have a wide variety of opportunities available to them in Dubai throughout the next year as companies leverage to gain ranking within the mobile telecommunications sector. Some of these companies are approaching the market with creative ideas such as mobile payment solutions, security solutions and handset distribution values to keep them profitable.

Telecommunications is one of the few job sectors that has seen an upward momentum in regard to job growth, while most other sectors have reported stagnant hiring numbers. While jobs in Dubai with the major players in the mobile telecommunications market are a guaranteed path to success, profitable opportunities also exist with the small and medium providers that have the ability and cash flow to think outside of the proverbial box. Regardless of which approach you take to finding a telecom job in Dubai, the demand is present and the jobs are vacant, making now the best time to apply.

Private Schools in Dubai

With the increase of internet access and mobile broadband throughout the area, the need for English teachers is on the rise. While this may seem a bit of an odd cause and effect scenario, it actually makes perfect sense. Very little of the content on the web is available in Arabic, as recent studies have shown. English has become the standard language for the internet, and making English available to students has become a global concern.

Dubai has a need for teachers from the United States and the United Kingdom especially, as private schools that educate expatriate’s children place a high priority on hiring teachers from the student’s native countries. While there had been a significant slow down of U.S. and European employees seeking work in Dubai in light of recent economic troubles, the job outlook is bright for 2010 and 2011, suggesting that there will be a large increase in students from English speaking countries in private schools in Dubai.

The benefit to teachers considering career opportunities in Dubai is that these private schools often pay significantly higher than educational positions in other countries. While teachers in the United States are increasingly frustrated with budget cuts and furlough days is America’s public school systems, these same teachers will find teaching in Dubai a breath of fresh air. Dubai’s schools place a very high importance of quality of education, and expenses are not spared to provide the best education possible for the children that attend these schools. Unlike in the United States, this translates directly to better teacher salaries to promote a higher quality of education in Dubai.

Real Estate Profitable for Salespeople Despite Economic Woes

Real estate firms provide an excellent opportunity for putting sales and marketing educations and experience to good use. While most people probably think toward commercial marketing of products to consumers or business to business sales when they consider a career in sales and marketing in Dubai, these same people would be missing a tremendous opportunity for personal and financial growth in Dubai.

It is estimated that over 10,000 expatriates flock to Dubai every month, even when considering the recent slow downs in the job market. As long as the population continues to increase at this pace, the need for real estate sales and marketing will be consistent. This creates a unique and enriching opportunity for those looking for work in Dubai.

Because many westerners that are arriving in Dubai for employment opportunities are uncomfortable with the culture change at first, they often look to people from their own nations to do business with in the beginning. This is the main reason that so many expatriates are not only achieving, but exceeding, their financial goals by working in real estate in Dubai.

Successful real estate sales requires negotiation skills, professional experience that will be favorable to dealing with banks and financial institutions, and excellent marketing skills to reach out to a potential client base. These essential skills are standard amongst professionals with sales and marketing backgrounds. The real estate sector has been seeing consistent growth throughout the economical crisis, which leads to believe that it provides a more stable opportunity than the more traditionally thought of sectors that hire sales and marketing professionals.

Hospitality Recruiters in Demand in Dubai

Recruiting firms around Dubai have their eyes across the water and focused on Palm Jumeirah. Hospitality is one of the most lucrative niche markets for recruiting firms around the globe, and Dubai is no exception. To the disappointment of recruiters, the past few years have not brought about many opportunities for profiting off of the hospitality and tourism sectors, due to the impact of the downed economy.

Palm Jumeirah is a perfect example, where dozens of planned projects came to a braking halt as lenders refused to extend funding for projects that were considered high risk in a weak economy. Hotels throughout Dubai reported record low occupancy rates throughout the last several quarters, and the hospitality sector experienced job losses as a result.

Recent news is good news for the hospitality industry, as well as recruiters that have an expertise in recruiting experienced restaurant, hotel, and resort staff. The construction sites on Palm Jumeirah are becoming active again, including One&Only The Palm and Zebeel Saray which are both slated to open in October of this year. Several other hotels and one all-inclusive resort will be opening their doors to the pubic in 2011.

Needless to say is the fact that these luxury hotels and resorts will be looking for the hospitality professionals and executive management staff to ensure the success of the ventures. They will be looking to the areas recruiting firms for these key personnel, and the recruiting firms will be looking for top caliber recruiters to meet the demand. For those that have been considering a career in Dubai,  now is the time to start sending out resumes to recruiting firms in the area.